The Opening of Khmer Riel Currency Bank Accounts for All Registered Businesses in the Kingdom of Cambodia

November 25, 2024

To further promote the use of Khmer riel (“KHR”) and move away from the dollarization of the Cambodian economy, the National Bank of Cambodia and the Ministry of Commerce issued an announcement on November 1, 2024 on the Opening of Khmer Riel Currency Bank Accounts for all Registered Businesses.

The announcement calls for banks and other financial institutions to facilitate the opening of KHR bank accounts for all legally registered businesses. This latest move by the government aims to reap benefits for the Cambodian economy.

Less reliance on foreign currencies will help to stabilize market prices, ensuring a more predictable economic environment and lowering the costs businesses face, making it cheaper for companies to operate in Cambodia. It will also help to protect Cambodia’s foreign reserves, create revenue through currency issuance, and strengthen its national identity and sovereignty.